Sugar, also known as sucrose, refers to a type of disaccharide made from the combination of the monosaccharides glucose and fructose. Sugar is a fine, colourless, odourless crystalline powder with a pleasing and sweet taste. In addition to this, it is not only present naturally within fruits but can also be produced commercially. Further, sugar is highly regarded across various industries for its distinct properties which include. A new research report title “Sugar Market: Global Industry Trends, share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the market was worth 167 Million Tons in 2017. The report further anticipates the market to reach approximately 194 Million Tons by 2023, at a projected CAGR of around 3% over the forecast period.
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Market Drivers/Constraints:
- Sugar helps to enhance texture, controls moisture and acts as a preservative due to which it is extensively used in the food and beverage industry. This represents one of the primary factors which is stimulating the growth of the global sugar market.
- Expanding non-food applications across various sectors such as pharmaceuticals, cosmetics, bioplastic, etc. is another factor which is contributing to the market growth. In pharmaceuticals, sugar is used in tablets and cough syrups whereas in cosmetics, it is utilised as an organic exfoliant.
- Some of the other forces that have been proactive in maintaining the demand for sugar include surging population, elevating incomes, urbanisation, improving standards of living, flourishing end-use industries and a strong demand from emerging economies.
- However, the confluence of health-conscious consumer base and the availability of substitutes, such as stevia and aspartame, acts as major hindrance for the market growth.
Regional Insights:
On a geographical front, Brazil dominates the global sugar market, accounting for around a fifth of the total global production. In Brazil, sugar represents a crucial part of the economy and it contributes significantly to the national GDP. Brazil is followed by India, the European Union, China and Thailand.
Competitive Landscape:
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
- Sudzucker AG
- Tereos
- Cosan
- Mitr Phol Sugar Corporation Ltd.
- Associated British Foods
- Nordzucker AG
- Biosev (Louis – Dreyfus)
- Wilmar International Limited
- Thai Roong Ruang Group
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